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Tag: Ecobank Nigeria

  • Ecobank Nigeria Pledges More Support And Collaboration With Bankers Institute

    Ecobank Nigeria Pledges More Support And Collaboration With Bankers Institute

    Ecobank Nigeria Pledges More Support And Collaboration With Bankers Institute

    The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has pledged more support and collaboration with the Chartered Institute of Bankers of Nigeria (CIBN), the umbrella body of all bank workers in the country. Akinwuntan who was speaking during a courtesy visit by the President and Council members of the Institute to Ecobank Nigeria’s head office in Victoria Island, restated that Ecobank will continue to contribute to the efforts of the Institute to become top class and remain relevant globally. According to him, “For us at Ecobank, we are extremely proud of CIBN’s efforts at ensuring public discourse on the future of the Nigerian economy; this is not in isolation of relevant issues within the banking and finance industry such as ethics, professionalism, accountability, transparency, good corporate governance and harnessing the opportunities technology has provided in the new world order. Be assured of our maximum support and collaboration at all times”.

    The Managing Director also identified with the efforts of CIBN to raise the bar of competency and capacity building in the industry, stressing that with sound professional conduct, every banker would be held in high esteem. He said Ecobank is working assiduously to ensure majority of Ecobank Nigeria staff become members of the Institute, adding that the bank will also provide more mentees and mentors in its mentorship programme. “We are working on a medium to long term programme to ensure all Ecobank Nigeria staff become chartered members of the Institute. At Ecobank, we take human capacity development very seriously. Some of our staff that wrote the last examinations are now chartered members of the Institute”. He stated.

    Earlier in his address, the President/Chairman, CIBN, Bayo Olugbemi commended Ecobank’s consistent support for the Institute to ensure the realization of the Institute’s mandate of determining the standards of knowledge and skills to be attained by persons seeking to become members of the banking profession.

    In particular, he conveyed the gratitude of the institute to the bank for the various local and international recognitions and awards garnered over the years. He observed that Mr. Akinwuntan has made immense contributions to the growth of the Institute.

    He disclosed that the visit was to share with Ecobank Nigeria’s management, the Institute’s strategic initiatives with the acronym A-TEAM; explaining it as “A- Accelerated Development, T- Technology and Digital Enhancement, E- Engagement for Growth, A- Accountability and Transparent Leadership and M- Membership Drive for Value.”

    He solicited Ecobank’s support and collaboration in its proposed amendment of the CIBN Act No. 5 of 2007; compliance of the Bank’s staff for mandatory registration with the Institute, urging the Management of the bank to ensure staff enroll and become Chartered Bankers and also participate in its Internship Scheme by accepting students of linkage institutions who are members of CIBN as interns.
    “We also solicit Ecobank to enlist in our Endowment/Prize Awards in any subject of interest in its name or personal capacity; donate towards the renovation of Abuja Bankers’ House; support the establishment of banking museum by donating artefacts and other relevant materials; participate actively in training programmes of the Institute, regular impact assessments and satisfaction surveys for the institute’s respective initiatives, which are targeted at improving quality service delivery and to identify gaps where necessary.”

  • Ecobank Nigeria Announces $300m Bond Pricing

    Ecobank Nigeria Announces $300m Bond Pricing

    Ecobank Nigeria announced that it has successfully priced its $300 million bond issuance maturing in February 2026, with settlement of the debt instrument to take place on February 16, 2021.

    According to a statement from the bank, the fixed-rate, US dollar-denominated bond, with a tenor of 5 years, carries a coupon rate of 7.125% and will be listed on the London Stock Exchange.

    It is accompanied by an Issuer Rating of B- from Fitch Rating Agency and S & P.

    It explained that the coupon/yield represents the lowest ever coupon/yield achieved by a Nigerian financial institution for a benchmark bond transaction.

    “At the peak of marketing the transaction, the issue was over three times over-subscribed, with significant interest from international investors.

    “The transaction opened with Initial Price Thoughts of 7.75% and finally tightened to close at 7.125% on the back of robust demand. The strength and depth of the book demonstrated global investors’ strong appetite for the Ecobank franchise in Nigeria, a testament to the strength of the Ecobank Group,” it stated.

    It stated that the transaction was the first non-sovereign bond from Africa in 2021, describing it as a milestone capital raise for the banking sector in Nigeria, “giving Ecobank access to global debt capital markets, and more favorable credit terms, commensurate with its strong financial position and robust capital structure.”

    “For international investors, it represented an attractive option to gain exposure to Nigeria,” it added.

    Commenting on the issuance, Managing Director of Ecobank Nigeria, Mr. Patrick Akinwuntan, said: “Despite the challenging global environment owing to the COVID-19 pandemic, and on the back of a successful N50 billion tier-2 issuance in December 2020, Ecobank Nigeria was able to successfully issue and price Nigeria’s first 2021 senior unsecured 5-year bond transaction. “Ecobank Nigeria, through this issuance, is being proactive in optimising its capital structure as it continues to drive its medium term growth strategy of establishing itself as a leading facilitator of pan-Africa and international trade and payments.”

    Akinwuntan added: “I would like to extend my appreciation to our regulators, the Central Bank of Nigeria, for their timely support and continuous guidance, in granting necessary regulatory approvals.”

  • Ecobank Organises Diaspora Summit; Showcases Remittance Products for Nigerians Overseas

    Ecobank Organises Diaspora Summit; Showcases Remittance Products for Nigerians Overseas

    Ecobank Nigeria has announced that it is providing financial services and remittance solutions designed to support and enhance the lifestyles of Nigerians in the diaspora, ensuring their sustainable growth. This, the bank noted, is particularly important today, as the world embraces the new normal following the challenges of COVID-19. According to the bank, this is characteristic of its DNA, as it has historically and consistently been at the forefront of breaking barriers to economic development of Africans by providing convenient, accessible and reliable financial products and services that contribute to the growth of Africa.

     

    Speaking to a section of the media in Lagos, Olukorede Demola-Adeniyi, Head of Consumer Banking in Ecobank Nigeria, announced that Ecobank has put together a virtual summit to enlighten the public on its different offerings for citizens resident outside the homeland. The summit, planned for Sunday October 18, is themed “Financial Services & Remittance Solutions for Nigerians in Diaspora: Leveraging Ecobank’s Pan-African offering as the Nation Celebrates 60”.

     

    According to Demola-Adeniyi, over the last 60 years, the Nigerian Diaspora Community has contributed immensely to the growth and development of Nigeria through human and capital support, and must be encouraged to continue to play this important role without hindrance, despite the immediate and remote effects of COVID-19. She listed objectives of the event to include providing the attendees with access to information on opening accounts online in Naira and other international currencies, information on Ecobank’s bouquet of money transfer services that make it quick and simple to send money to family and loved ones back home in Nigeria; this includes the bank’s safe, secure and easy-to-use proprietary solution, RapidTransfer and the RapidTransfer App. Other benefits include financial advisory, investment options, financial planning and access to information on BVN Registration. Essentially, the summit will provide all attendees answers to questions that they need to maximize financial solutions available to them.

     

    Key speakers outlined for the conference include Hon. Mrs Abike Dabiri-Erewa, Chairman/CEO of Nigerians in Diaspora Commission (NIDCOM) who will give the Keynote Speech. Others include Mr. Patrick Akinwuntan, MD/Regional Executive, Ecobank Nigeria Limited; Dr. Bashir Obasekola, Fmr. Vice Chairman Board of Trustees Nigerians in Diaspora Organisation Europe (NIDOE), Hon. Dabor Amos Mzahan, President, All Nigerian Nationals in Togo, Dr. Kazeem Bello, President, Nigerians in Diaspora Organisation (NIDO), New Jersey, Mrs. Korede Demola-Adeniyi. Head, Consumer Banking, Ecobank Nigeria and Mr. Linus Adaba. Head, Remittance Distribution, Ecobank Nigeria.

  • Ecobank Nigeria commits N100m to COVID-19 “StaySafeNigeria” media campaign

    Ecobank Nigeria says it is committing about a hundred million naira to drive its National Radio Campaign “StaySafeNigeria”, being part of its corporate actions to support measures to check the rising spread of Coronavirus.

    The campaign which is a call to action, creating awareness and educating the populace on safety measures to adopt against the dreaded COVID -19, is currently running in over 50 radio stations across the six geopolitical zones of the country, the Federal Capital Territory, Abuja and the Federal Radio Corporation of Nigeria (FRCN) network news. This amount is in addition to the bank’s contribution as a corporate member of the Bankers Committee and the Nigerian Private Sector led Coalition to raise funds against COVID-19, The details of this contribution will be made public in due course.

    The campaign messaging which is in Pidgin, Ibo, Hausa and Yoruba is also being driven through the social media and is trending extensively on #StaySafeNigeria, #StaySafeNaija, #StaySafe tag following massive support from members of the Creative industry essentially on philanthropic basis. The bank in a statement thanked the entertainers and football stars who have so far adopted the campaign as a show of commitment and belief in the bank’s approach in the public enlightenment of Nigerians, ensuring the message is taken to every door step, especially at the grassroots for all citizens to imbibe the ethos of “StaySafeNigeria”.

    The bank listed those who have supported to include the Legends of Nollywood, Linda Ikeji, Brodashaggi, Alex Ekubo, Taooma, Sound Sultan, Bolanke Austen Peter’s, Mr Macaroni, Teni Oluwo, Dala Oruwari, former African Footballer of the year, Victor Ikpeba, football legends, Austin Eguavoen, Garba Lawal and Mutiu Adepoju amongst several others. The bank is also using the opportunity to invite other stars to join the #“StaySafeNigeria” campaign to sustain a new national reorientation on hygiene.

    Also the bank has announced that any money transferred on its digital platforms below N5,000 will be free of charge to customers, until 30 April, to encourage citizens adopt digital banking that supports safety measures, particularly the social distancing campaign, to prevent the spread of COVID-19. Announcing this in Lagos, Managing Director, Ecobank Nigeria Patrick Akinwuntan says the bank’s priority is peoples’ wellbeing and is therefore determined to support everyone in the face of unplanned shutdown which already have huge economic impact citizens.

    By this announcement users of Ecobank Mobile, Ecobank Online, USSD-Ecobank *326#, Omni Lite, can now do transfers below N5,000 at zero fees. Before now Ecobank customers who performs transactions on the bank’s platform by dialing *326# does so free of the USSD session fee.

    “We have no choice as a caring and responsible corporate organisation than to rise up to this challenge of our generation and make every contribution to check the spread and save lives. Our media campaign is engaging people in very simple language on important tips to stay safe. The campaign will be sustained to continue promoting good hygiene conduct even after we overcome Coronavirus. we are also determined to support the Nigerian government and to ensure impact of the business shut down is minimal on the citizens. We encourage our customers to utilize our digital self-service solutions, including Ecobank Mobile App, Ecobank Online, EcobankPay, Ecobank OmniPlus, Omni Lite and the RapidTransfer App without having to visit branches. This is as part of our efforts to ensure social distancing which will help curtail the spread of COVID-19. By utilizing these digital offerings, you can easily access your bank accounts, make payments, transfer funds, process salaries, and carry out your other ancillary banking transactions from the comfort of your home and office without visiting the branch”. Mr Akinwuntan stated.

    Also speaking, Olukorede Demola-Adeniyi, Head of Consumer Banking, Ecobank Nigeria, says customers who are yet to upgrade to the new Ecobank Mobile App 4.0 should quickly do so. The Ecobank Mobile App is available for all banking transactions because of its versatility and salient benefits which include the following;

    The ability to send money to anyone via email or SMS by simply selecting the recipient from your contacts and send money to their email or phone number. The recipient will be able to get the money using any bank account, even if they don’t have an Ecobank account.

    Ability to create virtual cards for safe shopping and enjoy the convenience of a virtual card without worrying about it being linked to your account – customer can create several virtual cards.

    Ability to split bills without fuss, enabling you to share expenses as you desire, with friends and family, who will simply get notifications on what they need to refund you. It’s a smart way to get your money back without hounding”.

    Further, Mrs. Demola-Adeniyi, reiterated that the Ecobank Mobile app supports customers to pay the fast and stress-free way with EcobankPay by simply scanning the QR code or dial *326*6*Amount*Terminal ID# to pay. “It saves you PoS charges and less human contact. When next you are at the store and need to pay, just ask the merchant for EcobankPay. Regardless of what you want to achieve, the Ecobank Mobile App is available for you”. She noted.

  • Ecobank Nigeria shuts 74 branches

    Ecobank Nigeria shuts 74 branches

    Ecobank Nigeria has announced that 74 of its branches have been merged.

    It said staff from the merged branches would be deployed to other projects.

    Managing Director of the bank, Charles Kie, said the bank hoped to shift its activities to digital channels and improve customers’ experience at reduced cost.

    This, he said, also supports the bank’s financial inclusion strategy and the cashless policy of the Central Bank of Nigeria.

    Kie said, “After a detailed analysis of the physical network of branches needed to serve our customers, the decision was made by the Ecobank Nigeria board, and approved by the Central Bank of Nigeria, to optimise 74 out of its 479 branches.”

    “We are deploying staff and other resources from the merged branches to other ongoing projects, while also strengthening the existing branches to make them more resourceful and up to speed in their daily activities,” he added.